According to a report published by the Wall Street Journal, the Federal Aviation Administration (FAA) is investigating Boeing (BA) over allegations of employees about the pressure placed on engineers working on safety issues.
Headquartered in Illinois, Boeing develops, produces and sells airplanes, satellites, rockets, rotorcraft, missiles and telecommunications equipment across the world. Additionally, the company offers product support and leasing services.
The FAA conducted a survey and found that more than 33% of respondents cited hurdles to transparency and pressure as issues faced at work. Furthermore, some employees said that Boeing’s work environment “does not support independence.”
Meanwhile, a Boeing spokesperson said, “We have consistently reinforced with our team that delegated authority is a privilege and that we must work every day to be trusted with the responsibility.”
The survey, which involved 32 employees out of a workforce of around 1,400, was conducted between May and July. (See Boeing stock chart on TipRanks)
On August 12, J.P. Morgan analyst Seth Seifman maintained a Hold rating on the stock with a price target of $270 (22% upside potential). The analyst expects the company to report earnings per share (EPS) of $1 in the third quarter.
Overall, the stock has a Moderate Buy consensus rating based on 8 Buys and 7 Holds. The average Boeing price target of $274.87 implies 24.1% upside potential. Shares of the company have gained 26.7% over the past year.
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